General News of Friday, 23 October 2020Source: Class FMMenzgold: We can't use taxpayers' money to pay locked-up funds of '419' institution – BawumiaVice-President, Dr Mahamudu BawumiaThe Akufo-Addo government will not use taxpayers’ money to pay depositors whose investments have been locked up in the now-defunct Menzgold Company Limited, Vice-President Dr. Mahamudu Bawumia has said. “Menzgold is not a licensed financial institution. We are talking about licensed financial institutions but if you set up your 419 institution and the Bank of Ghana warned repeatedly that people should not do business with Menzgold because they were not a licensed financial institution, so, you can’t use taxpayers’ money to pay locked-up funds of an institution that is not a licensed financial institution," Dr Bawumia said. According to the aggrieved customers, they deserve a bailout since Menzgold was under the regulation of SEC. “Some 4.6 million depositors had GH¢21 billion in those banks, that is why we used GH¢21 billion to pay back their money.

Source: GhanaWeb October 23, 2020 17:50 UTC